While soft-landing evidence mounted this week, via a tame consumer-price report as well as strength in retail spending and housing, recent history is littered with examples of similar optimism ending up misplaced. Underpinning the revival is a speculative frenzy tied to views that the Federal Reserve can beat inflation without spurring a recession. Even Cathie Wood’s flagship Ark fund is back en vogue. After money was drained from them for months, funds tracking high-yield bonds have sucked in nearly $11 billion. Small-cap stocks just surged the most versus the broader market since February 2022, while a version of the large-cap benchmark that dilutes the influence of megacaps posted its biggest weekly outperformance since early summer. Silicon Valley Boardroom Coup Leads to Ouster of an AI Champion SpaceX Starship Explodes Though Craft Reached New Milestones OpenAI Negotiations to Reinstate Altman Snag Over Board Role OpenAI Board Urged by Microsoft, Investors to Restore AltmanĪltman Sought Billions For Chip Venture Before OpenAI Ouster (Bloomberg) - From the weakest borrowers in Corporate America to the abandoned districts of the S&P 500, Wall Street traders are placing fresh all-or-nothing bets that the US economy will survive Jerome Powell’s war on inflation.
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